Rescission Is Available for a Contract Involving Fraud

question 25

True/False

Rescission is available for a contract involving fraud.

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Definitions:

Debtor

An entity or person that owes money to another, the lender or creditor.

Consideration

An essential element in contract law, referring to the exchange of something of value between parties as part of an agreement.

Simple Contract

A contract that is not formalized in writing but is made orally or by conduct, requiring only mutual agreement and consideration to be valid.

Security Interest

A legal claim or lien on collateral that secures the payment or performance of an obligation.